Corporate Tax in Foster City, California

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In Foster City, California, a "corporation" is defined as a legal entity that's separate from its owners. Therefore, from a legal standpoint, the owner of a corporation and the corporation itself are not the same "person."

This rule is called "corporate personhood." Basically, under the law of California, corporations are, in many ways, the same as individual human beings. Therefore, corporations have some of the same legal rights and obligations as actual people.

One of a corporation's primary legal obligations is its duty to pay income taxes, as an actual person would.

Corporate Tax Rate in Foster City, California

Every corporation in the U.S. which has taxable income must pay its share of the federal corporate income tax. The majority of states further have a corporate income tax, which Foster City, California corporations are required to pay.

Under federal laws that control corporate income taxes, corporations pay a different income tax rate from individual people. Corporations pay a maximum federal income tax rate of 35%, and a minimum rate of 15%, depending on their income. The high tax rate applies to corporations that make $18.3 million per year, and the low rate applies to any company bringing in less than $50,000.

Likewise, chances are good that the corporate tax rate in California are different from individual income taxes. However, many states feel that their economies would be best served by attracting as many businesses as possible. For that reasons, in a large number of states, the corporate income tax rate is substantially lower than the individual rate.

In any case, Foster City, California corporations have to pay both the state and federal income tax. If they fail to do so, they can be subject to severe penalties, such as very large fines. These fines can be big enough to put some smaller companies out of business. Suffice to say, it's normally cheaper for corporations to pay their taxes than to not.

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How Can a Foster City, California Corporate Tax Lawyer Help?

Most bigger companies have corporate attorneys and accountants on staff who help them comply with federal and state tax laws.

As most business owners know, however, the majority of small Foster City corporations can't afford to have attorneys on staff full time. Therefore, if you run a small corporation, and are confused about the corporate tax issues that may affect you, it's a very good idea to retain the services of a Foster City, California tax attorney immediately.

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Life in Foster City

Foster City, California is a master-planned city situated in San Mateo County.  It has a population of about 31,000 and is sometimes held to be part of Silicon Valley due to its local industry.  Foster City is considered an affluent community and has been featured several times in Forbes Magazine as well as Money Magazine.

As a master-planned city, Foster City offers many advantages and amenities, such as an efficient distribution of stores, restaurants, and resources.  Master planning helps developers avoid "haphazard" construction and city layout.  This has contributed to much of Foster's City's clean and pristine appearance.  Foster City is also home to a number of attractions, including a boardwalk, a 9-hole golf course, an extensive $4 million Teen Activities Center, and a public amphitheater.  Windsurfing is extremely popular within city limits.

Foster City, California is also known for being an important center for many high-tech companies as well as financial organizations.  The city is headquarters to many nationally recognized businesses such as Adchemy, Gilead Sciences, Life Technologies, Live365, Philips, Sony Computer Entertainment America, and many others.  One can access several points in the Bay Area from Foster City due to its location near the San Mateo Bridge.

Lawyers in Foster City, California often represent their clients at the Superior Court of California, County of San Mateo.  The court house has integrated much new technology including an electronic document camera.  Foster City attorneys are available for assistance in many different fields of law.

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